Applying for a Second Start Up Loan

If you’ve already secured a Start Up Loan for your business and have been trading for no more than 60 months, you may be eligible to apply for a Second Loan for that same business, if your existing loan did not exceed the maximum amount of £25,000.

What to know about a Second Start Up Loan

  • The Second Start Up Loan is available up to 9 months after the first loan, and you will be required to complete a self-declaration that your circumstances have not changed. An additional credit check will be performed if the second tranche is requested after 6 months from the granting of the initial loan. The second instalment is released as a separate loan.

  • A second loan is available after 6 consecutive repayments of your core loan have been made, this is to support your business growth within the first 60 months of trading.

  • Whether it’s a new piece of equipment to speed up your business operations or additional finance to expand into new markets and take your sales plan to the next level, with the ability to access additional finance at the same fixed interest rate of 6% per annum and a loan repayment term of one to five years, Second Loans are an affordable way to continue building your business.

The application process

A Second Start Up Loan is a personal loan used for business purposes. The application process considers your personal circumstances, your repayment history for your first loan, your business’ trading history and your future business plans.

Am I eligible for a Second Start Up Loan?

To be eligible for the Second Loan, you must still meet the eligibility requirements of the original Start Up Loan.

Preparing to apply

To support your application, if eligible, you will need to prepare and be able to discuss the following:

  • ✔

    A summary of your business

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    A breakdown of how the Second Loan will be used

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    A summary of how the business has performed since receiving the first loan

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    It all begins with an idea. Maybe you want to launch a business. Maybe you want to turn a hobby into something more.

  • ✔

    An up to date Personal Survival Guide

Applying for a Second Start Up Loan

If you are eligible to start a Second Loan Application, the option to apply will be available to you in the Customer Portal from The Start Up Loans Company

Need some help?

If you’d like to discuss your Second Loan application with us before applying, our team would be happy to help.